Getech acquires new contracts worth $2.15 million

Getech, a geoenergy and green hydrogen startup, has landed new contracts worth $2.15 million.

These include sales of geoscience data and product renewals and expansions for the Group’s ground-breaking Globe knowledge base, which models the evolution of the earth over the past 400 million years.

The agreements include a multi-product sale of $0.9 million to a worldwide critical minerals company. This is the largest deal Getech has ever received in the critical minerals industry.

The marketed packages enable access to Getech’s extensive and cutting-edge proprietary geoscience data library. The Globe knowledge base synthesizes this data into a ‘digital twin’ of the Earth, modeling geologic, climatic, and oceanographic systems to provide unique insight into the processes that locate and concentrate energy and critical mineral resources, which are necessary for the delivery of a sustainable and secure energy transition.

In 2022, it is anticipated that around 56 percent of these new sales will result into income. This aligns Getech with market estimates for yearly sales growth of double digits. Getech’s orderbook is at an all-time high, and its balance provides a solid basis for multi-year, diverse growth.

Getech’s Chief Executive Officer, Dr Jonathan Copus, commented:

“While companies and governments continue to expand their investment in new sources of energy and minerals, today’s new sales announcement – and the record size of Getech’s orderbook – provide further evidence of how demand for our products continues to grow in our target markets of transitional petroleum, critical minerals, storage, geothermal and hydrogen.

In addition to driving near-term revenue, we use our products and capabilities to help us establish strategic partnerships through which we are building our own portfolio of low carbon investments, with our first green hydrogen hub developments making good progress in Inverness and Shoreham.

Getech’s products and our ambition to establish at least 500MW of geoenergy and green hydrogen assets by 2030, place us at the heart of the energy transition and are part of the solution to the world’s energy security challenge. This positions Getech well to deliver a step change in shareholder value.”